U.S. Refiners Fall on Plan to Reverse Crude Pipeline
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Marathon Petroleum Corp., HollyFrontier Corp. and other U.S. refiners declined on an announcement that the Seaway pipeline will be reversed, which may boost the costs of crude and narrow profits from making fuel.
Marathon Petroleum fell 12 percent to $32.64 at the close in New York, while HollyFrontier dropped 10 percent to $24.82. Western Refining Inc. tumbled 14 percent to $13.42, and CVR Energy Inc. fell 16 percent to $18.38. Tesoro Corp. fell 10 percent, and Valero Energy Corp. declined 9 percent.